Million Lottery
The Million Lottery or Million Adventure[1] was the first English state lottery and was launched by the government in 1694.
![](../I/m/Thomas_Neal's_Million_Bank.jpg)
The brainchild of speculator and Master of the Royal Mint Thomas Neale, the lottery was created in order to raise money for the Exchequer. 100,000 £10 tickets were offered for sale as one of a series of measures to raise revenue to allow English participation in the Nine Years' War against France. Other contemporary financial innovations included the granting of a Royal Charter to the Bank of England and the creation of the country's first national debt. Neale received 10% of the lottery's proceeds.[1]
The 'Bank on Tickets of the Million Adventure' or Million Bank was established in 1695 to manage the assets of subscribers.[2] In 1699 all other lotteries in England were banned but 42 further lotteries were run on the same basis until 1768.[3]
In an ostentatious demonstration of security, tickets for the lottery were kept in special chests with 18 locks. The tickets were also bonds and were redeemable over a 16 year period. In fact, the fund exhibited a shortfall almost immediately and could not keep up with repayments until 1698 when the war was over.[4]
References
- Levenson, Thomas (2010). Newton and the Counterfeiter. London: Faber & Faber. p. 194.
- "C 46". The National Archives catalogue. Retrieved 7 September 2011.
- "Lottery Office Records". The National Archives catalogue. Retrieved 7 September 2011.
- Levenson, Thomas (2010). Newton and the Counterfeiter. London: Faber & Faber. p. 195.